James-Myers of Marcus & Millichap is pleased to bring to market Oaks of Westlakes located in the far west submarket of San Antonio near master-planned Westover Hills
Constructed in 1984, Oaks of Westlakes is a well-maintained apartment community in the highly desirable far west submarket of San Antonio, Texas. Consisting of 268 well-appointed units, the property boasts a strong history of occupancy, currently at 95 percent. Situated on approximately ten acres, Oaks of Westlakes offers residents three distinct floor plans including one and two bedroom units. Extensive community amenities include a clubhouse, controlled access entry, a fitness center, volleyball court, beautiful custom-designed swimming pools, and three onsite laundry facilities. Within one mile of the intersection of Loop 410 and Highway 151, the property benefits from its close proximity to Westover Hills, a 1,300-acre master-planned community and one of the Alamo city’s major employment hubs. With significant demand drivers in the immediate vicinity, this unique 268-unit asset provides investors the opportunity to acquire a stable investment with upside potential and long-term value appreciation.
Excellent West San Antonio Location
Oaks of Westlakes enjoys a quality location in western San Antonio only minutes from the Alamo City’s prestigious Westover Hills. Home to many of San Antonio’s most highly sought after employers and retail shopping, the master-planned community is located near the intersection of Hyatt Resort Drive and Highway 151 on San Antonio’s far west side. JPMorgan Chase, Microsoft, Wachovia, Fidelity Investments, QVC, Maxim, Northwest Vista College and SeaWorld are all located within close proximity and contribute to strong renter demand in the area. Westover Hills is home to the 150-bed Christus Santa Rosa Hospital, and two of San Antonio’s largest employers; South Texas Medical Center and USAA’s world headquarters (14,000 employees). An additional benefit to the location, Pease Middle School and Hatchett Elementary are both conveniently located within walking distance, providing a major demand driver for many of the residents of Oaks of Westlakes.
Strong Multifamily Submarket with Significant Barrier-to-Entry
The high barrier-to-entry far west submarket has experienced continuous growth, strong multifamily occupancy rates and steady rental increases. Over the previous twelve-month period, properties similar to Oaks of Westlakes have averaged 93 percent occupancy with average rents at $0.92 per square foot. A shortage of available land and the strict governance on zoning of the master-planned community have limited new construction in the immediate area.
Unrestricted Financing Options
This investment opportunity is being offered on an all cash basis, allowing for unrestricted financing options and the ability to capitalize on today’s historically low interest rates.